Term Finance Drained for $8.5M in Governance Attack
- DeFi Protocol
- DeFi
Term Finance suffered an $8.5 million governance exploit on August 23 when an attacker acquired majority voting power cheaply. The attacker passed malicious proposals and drained 2,843 ETH plus 1.68 million USDC from strategy vaults. CertiK and CT tracked the funds to a single address as the protocol lost roughly 68 percent of its TVL.
Incident Details
- Type
- GOVERNANCE ATTACK
- Funds Lost
- $8.5M
- Status
- Total loss
68 percent of protocol TVL stolen; funds tracked on-chain